Unclaimed property is any financial asset that has become dormant, meaning no contact has been made with the owner after a given time period (at least one year or longer). Some examples of unclaimed property include bank accounts, uncashed payroll checks, accounts payable or receivable checks, credit balances, stocks and bonds, escrow accounts, and insurance proceeds. If a business has any dormant items remaining on its books, they must be reported to Treasury. Please note that writing these items off as income does not constitute an account being resolved and is, in fact, illegal!
Under state law, Treasury has the ability to assess penalties and interest to any business or organization that does not file an unclaimed property report by April 15. Yet there are various options available for companies voluntarily to come into compliance for the first time, without the incurrence of penalties or interest, such as our Voluntary Disclosure Agreement Program. Treasury has a team of compliance professionals who can help you determine if you have unclaimed property or assist you in filing your report. You may reach this team at 1-800-379-3999, Monday through Friday, 8:00 a.m. 5:00 p.m. or via email at unclaimedpropertyreporting@
Treasury’s Web site, www.patreasury.org, also has a wealth of information about reporting unclaimed property, including instructions and manual reporting forms, a copy of the law, a free link to electronic reporting software, a dormancy matrix for property types and a schedule of reporting seminars.
We look forward to working with you to reunite unclaimed property with its rightful owner. I thank you in advance for your cooperation.Yours with appreciation,
Rob McCordTreasurer
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